Tesla (NASDAQ:TSLA) – Tesla settled a lawsuit
regarding a fatal Autopilot accident before the high-profile trial.
The company faces legal and reputational challenges amidst
promoting autonomous driving technology. Despite Elon Musk’s
optimism, critics question the feasibility of self-driving cars. In
other news, Tesla founder Martin Eberhard expressed regret over the
cancellation of plans for a low-cost car, citing intense
competition in China. Initially committed to affordable electric
vehicles, Tesla now focuses on luxury models.
JPMorgan Chase (NYSE:JPM) – JPMorgan Chase’s
board has identified potential successors for CEO Jamie Dimon,
paving the way for a leadership transition at America’s largest
bank. At 68, Dimon has led the bank for over 18 years, becoming a
prominent figure in American business. Potential candidates include
Jennifer Piepszak and Marianne Lake. The succession is gaining
attention on Wall Street, as other banks also undergo leadership
changes. Meanwhile, in his annual letter to shareholders, Dimon
praised the economic power and leadership of the US, invoking
“freedom and justice for all.” He highlighted American
exceptionalism and addressed issues such as succession, foreign
policy, and banking regulation. He also criticized the political
delays in US natural gas projects and those advocating for halting
oil and gas projects as “wrong” and “extremely naive.” He supported
LNG exports as an economic benefit and realpolitik goal.
General Motors (NYSE:GM) – Cruise, General
Motors’ autonomous vehicle unit, plans to resume testing its
robotaxis with safety drivers in Phoenix, Arizona. The company aims
to rebuild trust and plans a gradual return to the streets this
year.
HSBC (NYSE:HSBC) – HSBC is selling its business
in Argentina, taking a $1 billion loss, to Grupo Financiero
Galicia. This move is part of the bank’s strategy to simplify and
focus on Asia, reallocating capital to markets like India and
China.
Morgan Stanley (NYSE:MS) – The recent behavior
of the US stock market suggests that investors are starting to
envision a scenario of sustained economic growth rather than a
gradual slowdown. Morgan Stanley strategists highlighted that
robust economic data and strengthened inflation reports are
influencing this change in perspective.
Bank of America (NYSE:BAC) – Since its launch
in 2018, over 42 million Bank of America customers have used the
virtual financial assistant Erica more than 2 billion times. Erica
facilitates transfers, bill payments, and mobile banking
operations, and also assists Merrill Lynch clients in trading and
monitoring investments. In July last year, 37 million customers had
already used the assistant, emphasizing the importance of mobile
banking services to customer preferences.
Goldman Sachs (NYSE:GS) – EG Morse, co-head of
Goldman Sachs’ China business, will retire after 16 years with the
company. His departure follows others from global investment banks
in China, who are recalibrating their approaches amid geopolitical
tensions and a decline in transactions. Morse led the bank’s
expansion into Chinese business since 2022.
UBS Group AG (NYSE:UBS) – UBS is seeking to
fully acquire its platform in China, offering its stake in the
Credit Suisse venture in exchange for shares from the Beijing
government. The proposal comes amid global banks’ exits from the
country and regulatory uncertainties, with Citadel Securities also
vying for the acquisition.
Tradeweb Markets (NASDAQ:TW) –
Tradeweb plans to acquire Institutional Cash Distributors (ICD) for
$785 million, aiming to expand its offering to corporate treasury
professionals. Established in 2003, ICD facilitates short-term
investments for large corporations, covering almost 17% of the
S&P 100 index. The transaction, expected in the second half of
2024, will be internally funded. Tradeweb remains one of the few
electronic trading platforms in the bond market, serving a range of
clients from asset managers to financial institutions.
Bain Capital (NYSE:BCSF) – Bain Capital sold
its stake in Axis Bank at 1,071 rupees per share, totaling $429
million. The final price, near the lower end of the initial range,
represents a 0.5% discount to the stock’s closing.
Blackstone (NYSE:BX) – Blackstone is finalizing
a deal to acquire skincare company L’Occitane International SA in a
private transaction valued at $5.55 billion, according to Bloomberg
News. The deal’s structure has not been disclosed. Billionaire
Reinold Geiger, owner of L’Occitane, may join Blackstone.
Target (NYSE:TGT) – Target is implementing
TruScan technology at its self-checkout registers to combat theft.
Sensors and cameras alert shoppers about unscanned items, helping
to reduce theft and product shortages. Other retailers are also
adopting similar measures to address security issues.
Apple (NASDAQ:AAPL) – Apple pleasantly
surprised investors on Monday by recording its highest growth in
Mac unit shipments in at least two years, with a 14.8% increase in
the first quarter, according to IDC. The company also gained market
share, reaching 8.1%. Financial results will be announced on May
2nd.
Amazon (NASDAQ:AMZN) – Amazon and Temu see
potential in Central and Eastern Europe, where growth is expected,
but Allegro maintains leadership with a broad range of services.
Both are challenging Polish e-commerce leader Allegro, with Amazon
focusing on local video content and Temu betting on affordable
fashion.
Meta Platforms (NASDAQ:META) – Malaysia has
urged Meta’s Facebook and TikTok to increase surveillance on their
platforms due to a rise in harmful content. There was a significant
increase in cases referred in the first three months of 2024
compared to the entire previous year. The move aims to restrict
sensitive content, including ethnic and religious issues.
Alphabet (NASDAQ:GOOGL) – Alphabet, the parent
company of Google, is considering acquiring marketing software
company HubSpot, despite potential regulatory objections. Experts
suggest this would not restrict competition but would face
antitrust scrutiny.
Boeing (NYSE:BA) – Relatives of victims from
fatal accidents involving the Boeing 737 MAX are pressuring US
authorities for criminal actions against the company. The January
5th air explosion of a Boeing 737 MAX 9 operated by Alaska Airlines
(NYSE:ALK) raised concerns about Boeing’s compliance with a
previous agreement. Meetings with the Department of Justice are
scheduled to address the matter.
United Airlines (NASDAQ:UAL) – United Airlines
announced on Monday the postponement of two new international
routes due to FAA certification pauses following safety incidents.
The routes between Tokyo and Cebu, and Newark and Faro were
affected. The FAA has increased its oversight of United following a
series of incidents.
Spirit Airlines (NYSE:SAVE) – Spirit Airlines
reached an agreement with Airbus (USOTC:EADSY) to
delay all aircraft deliveries planned from the second quarter of
2025 until 2026 and plans to lay off about 260 pilots to save
money. The carrier faces financial challenges and aims to reduce
its capacity to increase profitability.
Bloom Energy (NYSE:BE) – Bloom Energy, a fuel
cell manufacturer, will receive up to $75 million in federal tax
credits for its Fremont, California plant as part of the Biden
administration’s $4 billion tax credits to promote clean energy and
reduce industrial greenhouse gas emissions.
Shell (NYSE:SHEL) – A Bloomberg Opinion article
revealed that Shell is considering “all options,” including moving
its listing from London to New York, according to CEO Wael Sawan.
Sawan announced that if the valuation gap persists until mid-2025,
the move is not ruled out.
BP plc (NYSE:BP) – BP anticipates robust
upstream production and trading performance to offset negative
impacts from lower oil and gas prices and the devaluation of the
Egyptian currency, which could reduce profits by $1.2 billion in
the first quarter of 2024. BP shares rose up to 2% in pre-market
trading on Tuesday, boosted by this update. The company expects
higher upstream oil and gas production and strong refining margins,
predicting positive results. The upcoming first-quarter results
will be the first under new CEO Murray Auchinloss, following
Bernard Looney’s departure in September 2023.
Maxeon Solar Technologies (NASDAQ:MAXN) –
Maxeon Solar Technologies released its preliminary fiscal
fourth-quarter results, forecasting a $32 million loss compared to
a $20 million profit in the previous year. The company expects
revenue of $229 million, down from $324 million the previous year.
For the first quarter, Maxeon’s revenue forecast is $186 million,
lower than analysts’ estimates of $242.5 million, resulting in an
8.1% drop in shares during pre-market trading.
Applied Materials (NASDAQ:AMAT) – Applied
Materials, a leading US semiconductor equipment manufacturer, is
considering delaying or abandoning a $4 billion research facility
in Silicon Valley due to lack of government funding. The Biden
administration withdrew financial support due to high demand for
funds from the Chips and Science Act.
SoFi Technologies (NASDAQ:SOFI) – The total
compensation for Anthony Noto, CEO of SoFi Technologies, increased
by more than 40% in 2023, mainly driven by the rise in the value of
his stock awards, totaling $18.3 million compared to $12.9 million
in 2022. SoFi shares rose 116% in 2023, after a 71% decline in
2022, but fell 22% in 2024 following an announced capital
increase.
Broadcom (NASDAQ:AVGO) – Broadcom shares
doubled over the last year, driven by investments in artificial
intelligence (AI). Deutsche Bank analyst Ross Seymore predicts
further growth, highlighting the recent acquisition of VMware and
the expansion of the AI customer base. He reinstated a buy
recommendation with a target price of $1,500.
Harmonic (NASDAQ:HLIT) – Harmonic shares fell
more than 6% in pre-market trading on Tuesday after announcing it
completed its review of the video business without proceeding with
a transaction, citing market conditions unfavorable for its value
creation goals. CEO Patrick Harshman will retire in June, to be
succeeded by Nimrod Ben-Natan. The company will now focus on cost
reduction and profitable growth.
Trump Media & Technology Group (NASDAQ:DJT)
– Trump Media & Technology Group’s share value decreased by
-1.45% in Tuesday’s pre-market. The shares of the parent company of
the social media site Truth Social fell 8.4% on Monday and have
seen a 28% decline over the last five days.
Novo Nordisk (NYSE:NVO),
Catalent (NYSE:CTLT) – Novo Nordisk re-submitted a
request to the FTC for approval to acquire Catalent for $16.5
billion. The deal aims to boost production of the weight loss drug
Wegovy. After discussions with the FTC, the company refiled the
request to provide more time for the authorities.
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